Norway-based hydrogen production plant developer ZEG Power has secured more than NOK130m ($11.3m) from investors including oilfield operator Coast Central Base (CCB) and carbon reduction technology producer CO2 Management.
The round included Mirai Creation Fund, the venture capital fund backed by carmaker Toyota and financial services firm Sumitomo Mitsui Banking Corporation, as well as corporate-backed venture capital fund AP Ventures.
Norwegian state-owned investment fund Nysnø filled out the round with family office Stratel, Danske Capital, Nordea Asset Management and IFE Invest, a subsidiary of research centre Institute for Energy Technology (IFE).
Spun off by IFE in 2008, ZEG Power is building a facility that will convert hydrocarbon gases to clean hydrogen, also utilising carbon capture technology. The plant could theoretically be operational as early as 2022.
The company had previously raised an undisclosed amount from StartupLab in November 2018, and IFE Invest and Stratel were named as existing backers. ABG Sundal Collier and First Corporate advised ZEG Power on the latest round while Schjødt was legal adviser.
Ronny Haufe, executive vice-president at CCB, said: “CCB has a strategic ambition to become an active participator in building a total value chain, providing clean energy to the market.
“Based on ZEG Power’s technology, CCB will contribute to establish a future large-scale production and distribution of emission-free hydrogen at CCB Energy Park.”